Banks’ Wealth Units Are Riding High
Barrons·2026-01-14 14:10
A bull market for stocks is boosting assets and profits at the wealth management business units of Wells Fargo, Citigroup, and Bank of America, which owns Merrill. That augurs well for other large wealth management companies, such as Morgan Stanley and Charles Schwab, which have yet to report fourth-quarter earnings.Wells Fargo said quarterly net income for its wealth unit came in at $656 million, a 29% year-over-year increase. Total client assets were $2.5 trillion at the end of the quarter, an increase of ...